OBASANJO’S STATEMENT: PRESIDENCY RESPONSE (FULL TEXT)
OBASANJO’S STATEMENT: PRESIDENCY
RESPONSE (FULL TEXT)
For the record, Chief Obasanjo is a
patriot, and he has proven this time and time again. We appreciate what he
said concerning the Administration’s performance in two out of the three
key issues that formed the plank of its campaign: Fighting corruption and
tackling insurgency. Specifically, the former President said President Buhari
must be given credit for his achievement so far in these two areas.
We appreciate what he said concerning
the Administration’s performance in two out of the three key issues
that formed the plank of its campaign: Fighting corruption and tackling
insurgency. Specifically, the former President said President Buhari must be
given credit for his achievement so far in these two areas.
We thank him for this. Apparently,
the former President believes that the Administration does not deserve a
pass mark in the area of the economy, which is the third of our
three-pronged campaign promises. We have no doubt that in the face of massive
challenges in this area, this Administration has availed itself
creditably.
We believe that Chief Obasanjo,
because of his very busy schedule, may not have been fully availed of
developments in the government’s efforts to revamp the economy, which was
battered by the consequences of over-dependence on a commodity as well as
unprecedented pillaging of the treasury.
Today, most of the indices by which an
economy is measured are looking up. Permit me to say, however, that
Nigeria would not have exited recession through a mere order or if the
Administration had not made use of “good Nigerians” who could help.
This Administration is making steady
progress in its determined effort to revamp the economy, and the results
are showing:
* Foreign Reserves have peaked at $40b,
the highest level in about four years, and up from $24 billion just a year
ago, even though when we came in, the price of oil had crashed woefully.
* According to the National Bureau of
Statistics (NBC), headline inflation has fallen for 11 consecutive months,
standing at 15.37% as at Dec. 2017. This is the lowest inflation rate
since Jan 2017, and it has met and surpassed the target set for inflation
in the Administration’s Economic Recovery and Growth Plan (ERGP).
*Our determined implementation of the
Treasury Single Account (TSA) has stopped the hemorrhaging of the
treasury. Some 108 billion Naira has been saved from removal of
maintenance fees payable to banks, pre-TSA.
The nation is being saved 24.7 billion
Naira monthly with the full implementation of the TSA.
* The elimination of ghost
workers has saved the nation 120 billion Naira * At about 1.8
billion dollars, the capital inflows in the second quarter of 2017 were
almost double the $908 million in the first quarter.
* In the wake of a stable Naira and
increased investment inflows, Nigeria’s stock market emerged one of the
best-performing in the world, delivering returns in excess of 40 percent.
* Nigeria rose 24 places on the World
Bank’s Ease of Doing Business ranking, and earned a place on the List of
Top 10 Reformers in the world. * According to Q3 2017 figures, agriculture
export is up year-on-year by 25%, solid minerals exports are up
year-on-year by 78%, raw materials exports are up 70% year-on-year and manufactured
goods exports are up 22% year-on-year. * Government agencies such as the
Nigeria Customs Service are reporting highest-ever revenue collection,
while JAMB, under the new management appointed by President Buhari in
2016, remitted N7.8 billion to the coffers of the federal government.
The total amount remitted by JAMB
between 2010 and 2016 was a paltry N51 million! T
hese positive indices may not have
immediately impacted positively on Nigerians, but Nigerians will
definitely get a new lease of life a short while from now.
This is because the good news from
the agricultural sector, which is recording a bumper harvest, will
bring down the cost of foodstuffs, especially such staple as rice, and
our massive Social Investment Programme will ease the pain of the most vulnerable
in the society.
When we assumed office in 2015, some 6
million farmers were involved in rice production.
Thanks to the Anchor Borrowers’
programme of this Administration, we have grown that number to over 12
million farmers.
The result is that our rice import from
Thailand alone has dropped from 644 metric tonnes to 22,000 MT in just two
years. This is phenomenal.
Apart from rice, Nigeria is also doing
well in other grains, especially Millet, Sorghum and Maize.
We are now the second
largest producer of sorghum after the US, the third in millet after India
and our breweries are now enjoying local sourcing of those commodities.
For maize, we are producing 10 million tons
while we need about 13 million tons for both human and animal nutrition.
Nigeria leads the world in the yam and cassava production.
We account for 70% of the world’s
yam production. In two years, we hope to be the world’s largest exporter
of yam! Overall, our ambition is that agriculture should rise from 25% to 40%
of GDP, so that we can banish poverty and overcome our economic anxiety.
Our Social Investment Programme is Nigeria’s
most ambitious social welfare programme ever. Currently, 5.2 million
primary school children in 28,249 schools in 19 states are being fed
daily; 200,000 unemployed graduates have enlisted into the N-power Job
Scheme, and a quarter of a million loans already distributed to artisans,
traders, and farmers. Finally, our investment in infrastructure is simply
unprecedented.
This is because infrastructure is key
to faster economic growth and development.
Here is a synopsis of what we have done
in this area:
* Power Generation at an all-time high
of 7,000mw and all can be transmitted
* RAIL: Lagos-Kano Standard Gauge is
on. Lagos-Ibadan sector ready 2019, Kano-Kaduna ready 2019; The entire
stretch ready 2021; Negotiations on for Coastal Rail covering 15 cities
from Lagos to Calabar.
* ROAD: 25 major highways being funded
with the N100b Sukuk Bond, and all geo-political zones are benefitting
equally
This Administration is not unaware of
the enormity of the challenges facing the nation, but we are up to the
task. We have taken the bull by the horns, and long-suffering Nigerians
will begin to experience a new lease of life as our efforts yield fruits.
We will not go into a state of
funk for whatever reason. On the Herders/Farmers’ clashes, this Administration
is determined to end the crisis resulting from this once and for all, not
minding that fact that the clashes predate us.
I will urge Nigerians to have
faith in the Administration’s ability to resolve the crisis, and to
watch out for concrete measures in this regard. On whether or not
President Muhammadu Buhari should run for another term, it is true that
many Nigerians have been calling on the President to run again, while
others are opposed to his return.
However, we believe this issue is a
distraction for the President at this time. This is because Mr. President
spends every waking hours tackling the enormous challenges facing the
nation, most of which were bequeathed to his Administration by successive
past Administrations.
He is committed to fulfilling the
mandate given to him by Nigerians in 2015. And that’s where we are right
now!
Finally, we have no reason to believe
that former President Obasanjo has any motive beyond the well-being of the
nation in issuing his Special Press Statement. We have also taken his
admonition in good faith, and we thank him most sincerely for taking time
off his busy schedule to pen such a long statement.
